https://www.taxtmi.com/caselaws?id=754489 The ITAT Bangalore remanded the case to the AO for fresh consideration regarding deductions under section 80P. Following the SC decision in Mavilayi Service Co-operative Bank Ltd., the court held that agricultural credit cooperative societies accepting deposits from and lending to members are entitled to deduction under section 80P(2)(a)(i). For deduction under section 80P(2)(d), the AO must verify if interest/dividend was received from investments in cooperative societies. If interest from banks is treated as income from other sources, relief under section 57 should be granted accordingly. en-us Wed, 01 May 2024 00:00:00 +0530 Tue, 25 Jun 2024 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754489 The ITAT Bangalore remanded the case to the AO for fresh consideration regarding deductions under section 80P. Following the SC decision in Mavilayi Service Co-operative Bank Ltd., the court held that agricultural credit cooperative societies accepting deposits from and lending to members are entitled to deduction under section 80P(2)(a)(i). For deduction under section 80P(2)(d), the AO must verify if interest/dividend was received from investments in cooperative societies. If interest from banks is treated as income from other sources, relief under section 57 should be granted accordingly. Case-Laws Income Tax Wed, 01 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754489